Financial statement


The figures refer to the Group unless otherwise stated. Figures in parentheses refer to the corresponding period of 2022 unless otherwise stated.


  • Revenues decreased to SEK 9.5 M (17.1).
  • Earnings before depreciation and amortization (EBITDA) amounted to SEK -8.5 M (-4.8).
  • Earnings before interest and taxes (EBIT) amounted to SEK -14.2 M (-10.0).
  • Bringing loss for the period to SEK -14.5 M (-10.0).
  • Loss per share -0.29 (-0.31).


• Sileon announces final outcome in Rights Issue

• The rights issue has been registered and trading in Paid Subscribed Shares ceases

• Sileon changes Certified Adviser to Carnegie Investment Bank AB (publ)

• New customer agreement establishes Sileon’s BNPL SaaS platform in emerging markets


• No significant events have occurred after the end of the period

CEO letter

Sileon adapts

Sileon’s card-linked BNPL product is gaining traction with international card issuers, and our dialogues with several major European banks are progressing, but it is taking longer than anticipated. Sileon is now adapting to a greater degree of endurance in relation to the customer group’s longer decision-making processes.

Shifting investment tactics

Sileon has, partially financed by Visa, during recent years developed a BNPL SaaS platform driven by the need of card issuers to offer BNPL on issued cards quickly and thereby avoid losing market share to companies such as Klarna, Afterpay, and Affirm. This has given the company a kick start and the opportunity to take a position as one of three leading companies within card-linked BNPL – in the world. Sileon is now a leader in a niche within an industry that analysts say will grow over 10x over the next five years.

The platform is now ready to be used by card-issuing banks, and it is therefore logical, but also necessary, to change tactics in how the company invests. Further development of solution modules will be customer-driven. The consequence of this is that Sileon is reducing staff primarily in tech, which will improve the company’s cash flow by approximately SEK 1.2 million per month when the change is fully implemented during quarter two.

Sileon makes it easier for banks

Sileon continuously strives to reduce the complexity of banks offering transaction-based BNPL to their consumers. The majority of the approximately 100 banks that we have had dialogue with over the past year are impressed by Sileon’s product and how BNPL, with the help of our technology, can be offered to their consumers. This increases pressure on the banks’ existing platform providers to offer similar functionality. Card-linked BNPL is not a core business for these platforms, which is why many are now turning to Sileon.

We see potential technical collaborations with banks’ existing technical platforms as strategic given that it further facilitates banks to offer card-linked BNPL, which in turn leads to faster decision-making processes.

The final step of the transformation

The improved cash flow that was communicated in the Q3 report has been delayed by one quarter. This is in favour of necessary investments in the BNPL SaaS platform, which now enables us to shift to customer-led investments. Staff reduction, price adjustment of existing contracts, which means an improved gross margin of SEK 3.5 million per quarter in the first half of the year, as well as a gradual escalation of OKQ8 transactions, gives Sileon endurance in relation to our SaaS customers’ longer decision-making processes and takes the company all the way to positive cash flow and EBITDA Q2 2024.

As previously communicated, non-strategic customers in the field of Payments were terminated in 2023. Sileon is thus ready to be further refined as an international SaaS supplier within BNPL. The company is therefore considering disposing the Payments and Processing function during the first half of the year. This function is well suited for a Nordic financial institution that wants to immediately establish its own BNPL and lending in e-commerce or in stores.

We enable your card-linked BNPL

David Larsson

February 2024

For more information, please contact:

David Larsson, CEO, Sileon AB
Phone: +46 725 502 306

This information is such that Sileon AB (publ) is obligated to disclose under the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact persons set out above, on February 16th 2024 at 7:00 a.m. CET.

About Sileon

Sileon AB (publ) is a global fintech company that offers an innovative card-based Buy Now Pay Later (BNPL) SaaS functionality to banks, card issuers and fintechs. With Sileon’s BNPL product, customers can add BNPL to their existing credit or debit card base and run their B2B or B2C BNPL business in-house. Sileon operates in a fast-growing international market with an estimated transaction volume of $680 billion globally by 2025. Sileon is listed on the Nasdaq First North Growth Market and has approximately 50 employees at its headquarters in Stockholm, Sweden. The Company’s Certified Adviser is Carnegie Investment Bank AB (publ).